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Detroit's Debt To The University

Detroit's Debt To The University image
Parent Issue
Public Domain
OCR Text

The agitation of the building of new county and city building in Detroit will accrue to the material benefit of the University of Michigan. If justice is done to the state institution a large sum of money justly its due will be paid into its treasury. The Free Press of today says the following: " C. M. Burton yesterday completed his researches the matter of the title of the Griswold street portion of the city hall site, and carne to the decisiĆ³n that the fee is in the regents of the State University. This portion of the site was formerly lot 16 of the governor and judges' plan. The title was in the city, which transferred it to the State University on condition that a school be maintained there. The regents fulfilled their part of the agreement until they permitted the city to take possession of it upon a promise to pay them $15,000, not a dollar of which has ever been paid, although the city irregularly paid $5,000 of the amount to the state. At the time the city regained possession of the property it agreed to pay the #15,000 with interest annuatly at the rate of 7 per cent, and the amount now due, after a lapse of upwards of forty years, principal and compound interest, is a snug little sum."